Canadian Railway Cases Volume 9

Canadian Railway Cases Volume 9

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ... first period of twenty years, and, taking one year with another, it was really worth nothing during that period. Now it has become valuable because of the enterprise and success of the company. But each has had, or is entitled to have, simply what was bargained for. So that no question of franchise, either in Berlin or in Waterloo, during that period has, in my opinion, anything to do with the valuation, either by way of increase or deduction. If a new bargain was being made, as might, but for the action of the municipality, have been the case, a price could have been put upon the franchise for the next period, but, on the other hand, if agreed to, the company would in that case receive the benefit of all future increases in profits, and the one would probably balance the other. The net annual sum which is to be capitalized should, of course, be arrived at with care. It is not necessarily the net income of the last year, although the "value" is to be that at the end of the twenty years. Everything abnormal should be eliminated. With this view the previous years--as many of them as may be necessary--should be carefully examined to see that any gain is likely to be permanent. It should, of course, also be ascertained that the plant is in such condition that, by a normal expenditure upon repairs and replacements, the net annual profit for the year selected for capitalization may reasonably be expected to be capable of being maintained, and due allowance made if the reverse is found to be the fact. All these elements at least, and perhaps others, enter into the question of what is the real net annual value of the railway, but when that is ascertained, the rest seems to be mere matter, of calculation. I think the award should be more

Product details

  • Paperback | 202 pages
  • 189 x 246 x 11mm | 372g
  • United States
  • English
  • black & white illustrations
  • 123691760X
  • 9781236917607